F&G Annuities & Life, Inc. (FG) Balance Sheet
FG balance sheet, 2025
December 31, 2025 · U.S. dollars$98.43B assets = $93.51B liabilities + $4.92B equity
Both columns are drawn to the same scale: what FG owns equals what it owes plus shareholders’ equity. Hover a block for its value.
FG financial health
Debt / equity0.47
Low leverage · $0.47 of debt for each $1 of equity
Cash / debt2,422.3%
Cash covers debt · cash & short-term investments vs total debt
Goodwill & intangibles8.6%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
FG balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $692.0M2016 | $98.43B2025 | +73.5%/yr | |
| Total liabilities | $70,0002016 | $93.51B2025 | +379.3%/yr | |
| Shareholders’ equity | $691.9M2016 | $4.80B2025 | +24.0%/yr | |
| Cash & short-term investments | $1.0M2016 | $54.19B2025 | +235.1%/yr | |
| Total debt | $412.0M2017 | $2.24B2025 | +23.6%/yr | |
| Net cash (debt) | $73.77B2017 | $51.95B2025 | −$21.8B | |
| Working capital | $325,0402016 | $36.79B2024 | +$36.8B | |
| Book value per share | $27.162020 | $36.392025 | +6.0%/yr | |
| Debt / equity | 0.002017 | 0.472025 | +0.46 | |
| Shares outstanding | 150.0M2020 | 132.0M2025 | −2.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FG assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
FG liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
FG debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
FG balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $54.19B | $48.58B | $43.43B | $33.73B | $31.87B | $26.84B | $969.0M | $66.30B | $74.18B | $1.0M |
| Cash & equivalents | $1.49B | $2.26B | $1.56B | $960.0M | $1.53B | $889.0M | $969.0M | $11.57B | $7.98B | $1.0M |
| Short-term investments | $52.70B | $46.32B | $41.87B | $32.77B | $30.34B | $25.95B | $51.71B | $40.39B | $53.89B | — |
| Receivables | $17.63B | $13.37B | $8.99B | $5.62B | $3.66B | $3.18B | $22.93B | $23.19B | $17.87B | $0 |
| Inventory | $0 | $0 | −$52.42B | −$2.67B | −$2.06B | $4.06B | $4.11B | $3.96B | $4.86B | $0 |
| Other current assets | $0 | $0 | $41.98B | $2.67B | $2.06B | $0 | $0 | $0 | $0 | $96,381 |
| Total current assets | $1.49B | $48.58B | $41.98B | $39.35B | $35.53B | $30.03B | $969.0M | $4.84B | $5.21B | $1.1M |
| Property, plant & equipment (net) | $285.0M | $0 | $45.49B | $21.0M | $21.0M | $19.0M | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $8.46B | $7.75B | $5.96B | $5.41B | $3.99B | $3.67B | $1.92B | $1.83B | $1.32B | $0 |
| Long-term investments | $58.96B | $52.71B | $45.55B | $36.02B | $33.86B | $28.17B | $0 | $0 | $0 | $0 |
| Other non-current assets | $29.24B | $0 | $0 | $0 | $0 | $0 | $33.82B | $359.05B | $368.79B | $690.9M |
| Total assets | $98.43B | $85.04B | $70.20B | $55.08B | $48.73B | $39.76B | $36.71B | $365.73B | $375.32B | $692.0M |
| Liabilities | ||||||||||
| Accounts payable | $247.0M | $207.0M | $378.0M | $231.0M | $220.0M | $206.0M | $913.0M | $825.0M | $165.0M | $491,765 |
| Short-term debt | $0 | $302.0M | $729.0M | $547.0M | $6.00B | $5.00B | $5.98B | $11.96B | $11.98B | — |
| Deferred revenue | $551.0M | — | — | −$316.0M | — | — | — | — | — | — |
| Total current liabilities | — | $11.79B | $367.0M | $231.0M | $220.0M | $206.0M | $129.0M | $3.87B | $3.10B | $787,498 |
| Long-term debt | $2.24B | $2.17B | $1.75B | $1.11B | $109.88B | $99.30B | $91.81B | $93.73B | $97.21B | $0 |
| Lease obligations | $24.0M | $10.0M | $11.0M | $13.0M | $14.0M | $14.0M | — | — | — | — |
| Other long-term liabilities | $91.28B | $67.00B | $64.98B | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total liabilities | $93.51B | $80.96B | $67.10B | $53.26B | $44.24B | $35.68B | $33.95B | $258.58B | $241.27B | $70,000 |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $137,000 | $127,900 | $127,200 | $126,400 | $57.37B | $50.78B | $45.17B | $40.20B | $35.87B | $1,993 |
| Retained earnings (deficit) | $2.57B | $2.44B | $1.93B | $1.46B | $1.00B | $136.0M | $300.0M | −$167.0M | −$149.0M | −$280,222 |
| Accumulated other comprehensive income | −$1.49B | −$1.92B | −$1.99B | −$2.80B | $734.0M | $1.20B | $481.0M | −$937.0M | $75.0M | $0 |
| Minority interest | $113.0M | $125.0M | $0 | — | — | — | — | — | — | — |
| Total shareholders' equity | $4.80B | $3.95B | $3.10B | $1.82B | $4.49B | $4.07B | $2.76B | $107.15B | $134.05B | $691.9M |
| Key figures | ||||||||||
| Total debt | $2.24B | $2.18B | $1.76B | $1.66B | $115.88B | $104.30B | $97.79B | $541.0M | $412.0M | — |
| Net cash (debt) | $51.95B | $46.40B | $41.67B | $32.07B | −$84.01B | −$77.46B | −$96.82B | $65.76B | $73.77B | — |
| Working capital | — | $36.79B | $41.62B | $39.12B | $35.31B | $29.82B | $840.0M | $976.0M | $2.11B | $325,040 |
| Tangible book value | −$3.65B | −$3.80B | −$2.85B | −$3.59B | $495.0M | $400.0M | $838.0M | $105.32B | $132.73B | $691.9M |
| Book value per share | $36.39 | $30.16 | $25.02 | $15.79 | $42.71 | $27.16 | — | — | — | — |
| Shares outstanding | 132.0M | 131.0M | 124.0M | 115.0M | 105.0M | 150.0M | — | — | — | — |
| Current ratio | — | 4.12 | 114.39 | 170.35 | 161.50 | 145.76 | 7.51 | 1.25 | 1.68 | 1.41 |
| Quick ratio | — | 5.25 | 142.84 | 170.35 | 161.50 | 145.76 | 185.23 | 23.13 | 29.72 | 1.29 |
| Debt / equity | 0.47 | 0.55 | 0.57 | 0.91 | 25.84 | 25.60 | 35.43 | 0.01 | 0.00 | — |
| Equity / assets | 4.9% | 4.6% | 4.4% | 3.3% | 9.2% | 10.2% | 7.5% | 29.3% | 35.7% | 100.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $2.65B | $29.95B | $30.74B | $31.42B | $30.68B | $29.24B | $48.58B | $28.34B | $3.53B | $25.35B | $43.43B | $38.78B |
| Cash & equivalents | $2.10B | $1.32B | $1.49B | $2.19B | $1.88B | $3.29B | $2.26B | $3.54B | $3.53B | $2.37B | $1.56B | $1.74B |
| Short-term investments | $545.0M | $28.63B | $29.25B | $29.23B | $28.80B | $25.95B | $46.32B | $24.80B | $23.77B | $22.98B | $41.87B | $37.04B |
| Receivables | $20.96B | $20.05B | $17.63B | $16.91B | $15.78B | $14.75B | $13.37B | $12.41B | $11.04B | $10.13B | $8.99B | $7.49B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$38.33B | −$35.49B | −$52.42B | −$10.33B |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | — | $27.29B | $3.56B | $3.88B | $2.67B |
| Total current assets | $2.65B | $50.01B | $48.37B | $48.33B | $46.46B | $43.99B | $48.58B | — | $3.53B | $3.56B | $3.88B | $38.61B |
| Property, plant & equipment (net) | $0 | $0 | $285.0M | $242.0M | $0 | $0 | $0 | $0 | $50.48B | $95.0M | $49.70B | $0 |
| Goodwill & intangible assets | $8.66B | $8.53B | $8.46B | $8.28B | $8.12B | $7.90B | $7.75B | $7.53B | $6.97B | $6.63B | $5.96B | $5.75B |
| Long-term investments | $58.23B | $58.80B | $58.96B | $57.59B | $55.59B | $52.94B | $52.71B | $51.69B | $48.43B | $46.78B | $45.55B | $40.68B |
| Other non-current assets | $34.06B | $0 | $0 | $0 | $0 | $0 | $0 | $24.90B | $0 | $7.25B | $0 | $0 |
| Total assets | $103.59B | $101.03B | $98.43B | $96.14B | $91.82B | $88.01B | $85.04B | $84.12B | $78.51B | $64.32B | $70.20B | $63.62B |
| Liabilities | ||||||||||||
| Accounts payable | $248.0M | $300.0M | $247.0M | $293.0M | $223.0M | $259.0M | $207.0M | $251.0M | $246.0M | $250.0M | $378.0M | $224.0M |
| Short-term debt | — | $364.0M | $366.0M | $364.0M | $0 | $0 | $0 | $358.0M | $357.0M | $357.0M | $729.0M | $1.03B |
| Deferred revenue | — | $592.0M | $551.0M | $512.0M | $474.0M | $436.0M | — | — | −$1 | — | — | −$802.0M |
| Total current liabilities | $2.85B | $18.73B | $16.77B | $16.18B | $14.93B | $13.64B | $11.79B | — | $358.0M | $43.96B | $43.33B | $224.0M |
| Long-term debt | $2.24B | $2.24B | $2.24B | $2.24B | $2.23B | $2.23B | $2.17B | $2.04B | $1.68B | $1.39B | $1.75B | $1.57B |
| Lease obligations | $11.0M | $11.0M | $24.0M | $8.0M | $9.0M | $9.0M | $10.0M | $10.0M | $11.0M | $11.0M | $11.0M | $12.0M |
| Other long-term liabilities | $93.81B | $75.31B | $74.51B | $72.79B | $70.10B | $67.64B | $67.00B | $77.61B | $72.69B | $15.29B | $64.98B | $0 |
| Total liabilities | $98.90B | $96.28B | $93.51B | $91.20B | $87.26B | $83.52B | $80.96B | $79.65B | $74.72B | $60.64B | $67.10B | $61.25B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | — | — | $137,000 | $134,600 | $0 | $135,920 | $127,900 | $126,100 | — | — | — | $126,370 |
| Retained earnings (deficit) | $2.67B | $2.78B | $2.57B | $2.48B | $2.39B | $2.39B | $2.44B | $2.15B | $2.18B | $2.01B | $1.93B | $2.25B |
| Accumulated other comprehensive income | −$1.66B | −$1.84B | −$1.49B | −$1.38B | −$1.67B | −$1.73B | −$1.92B | −$1.23B | −$1.95B | −$1.88B | −$1.99B | −$3.04B |
| Minority interest | $85.0M | $110.0M | $113.0M | $116.0M | $119.0M | — | — | — | — | — | — | — |
| Total shareholders' equity | $4.61B | $4.64B | $4.80B | $4.82B | $4.44B | $4.36B | $3.95B | $4.35B | $3.65B | $3.55B | $3.10B | $2.37B |
| Key figures | ||||||||||||
| Total debt | $2.24B | $2.25B | $2.26B | $2.24B | $2.24B | $2.24B | $2.18B | $2.05B | $2.05B | $1.76B | $1.76B | $2.60B |
| Net cash (debt) | $409.0M | $27.71B | $28.48B | $29.18B | $28.44B | $27.00B | $46.40B | $26.29B | $1.48B | $23.59B | $41.67B | $36.19B |
| Working capital | −$198.0M | $31.27B | $31.60B | $32.16B | $31.54B | $30.34B | $36.79B | — | $3.17B | −$40.40B | −$39.45B | $38.39B |
| Tangible book value | −$4.05B | −$3.89B | −$3.65B | −$3.45B | −$3.68B | −$3.54B | −$3.80B | −$3.18B | −$3.31B | −$3.08B | −$2.85B | −$3.38B |
| Book value per share | $35.45 | $33.37 | $34.56 | $34.71 | $33.12 | $34.63 | $30.16 | $35.05 | $27.89 | $27.28 | $25.02 | $18.98 |
| Shares outstanding | 130.0M | 139.0M | 139.0M | 139.0M | 134.0M | 126.0M | 131.0M | 124.0M | 131.0M | 130.0M | 124.0M | 125.0M |
| Current ratio | 0.93 | 2.67 | 2.88 | 2.99 | 3.11 | 3.22 | 4.12 | — | 9.85 | 0.08 | 0.09 | 172.38 |
| Quick ratio | 8.29 | 2.67 | 2.88 | 2.99 | 3.11 | 3.22 | 5.25 | — | 40.69 | 0.81 | 1.21 | 206.56 |
| Debt / equity | 0.49 | 0.48 | 0.47 | 0.47 | 0.51 | 0.51 | 0.55 | 0.47 | 0.56 | 0.50 | 0.57 | 1.09 |
| Equity / assets | 4.4% | 4.6% | 4.9% | 5.0% | 4.8% | 5.0% | 4.6% | 5.2% | 4.7% | 5.5% | 4.4% | 3.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
FG financial position
At the end of fiscal 2025 (December 31, 2025), F&G Annuities & Life had total assets of $98.4 billion (up 15.7% from a year earlier), total liabilities of $93.5 billion and shareholders' equity of $4.8 billion. It held $54.2 billion in cash and short-term investments against $2.2 billion of debt, a net cash position of $51.9 billion. In the latest quarter (ended June 30, 2026) total assets were $103.6 billion and equity $4.6 billion.
Related: FG income statement, FG cash flow statement, FG key metrics. See the FG stock overview for the latest quote and news.
FG balance sheet FAQ
What are F&G Annuities & Life's total assets?
F&G Annuities & Life reported total assets of $98.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $85.0 billion a year earlier.
How much debt does F&G Annuities & Life have?
F&G Annuities & Life had $2.2 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.47.
How much cash does F&G Annuities & Life have?
F&G Annuities & Life held $54.2 billion in cash and short-term investments at the end of fiscal 2025; with $2.2 billion of debt that is net cash of $51.9 billion.
What is F&G Annuities & Life's book value?
F&G Annuities & Life's shareholders' equity (book value) was $4.8 billion at the end of fiscal 2025, or $36.39 per share.
How much goodwill does F&G Annuities & Life have?
F&G Annuities & Life carried $8.5 billion of goodwill and intangible assets, 8.6% of total assets, at the end of fiscal 2025.